Citi Pushes AI Into Commercial Banking

Citi has added new artificial intelligence-powered enhancements to its CitiDirect Commercial Banking platform as it continues the global rollout of the platform.

New AI-driven automation streamlines data extraction, form filing, client query routing and fraud detection, Citi said in a Wednesday (Aug. 13) press release.

Other new enhancements to the platform include suggestions that guide clients through common tasks, a fully integrated digital know your customer (KYC) process that simplifies KYC renewals, user experience improvements and a fully digitized onboarding process, according to the release.

The platform also now offers a Citi Integrator that enables enterprise resource planning (ERP) implementation in under a day and a Digital Servicing Hub that centralizes client queries, updates and document submission, per the release.

“Over the last two years, we’ve seen the platform evolve in new ways to support our clients as they focus on growing their businesses globally,” Tasnim Ghiawadwala, global head of Citi Commercial Bank, said in the release. “The enhancements support an intuitive and seamless digital experience that delivers real-time insights, greater control and a suite of innovative features.”

Citi launched the CitiDirect Commercial Banking platform in July 2023, saying this “single entry point” digital platform gives its commercial banking clients a better view of their banking activity with Citi in terms of cash, loans, trade, foreign exchange and onboarding.

The platform went live in the U.S. at that time, with the bank saying it would expand the platform to other markets.

Today, CitiDirect Commercial Banking is live in the U.S., Hong Kong, India, Singapore, the U.K., Canada, Australia and Brazil, supporting more than 57% of Citi’s total commercial banking client base, globally, according to the Wednesday press release.

“By prioritizing client needs and leveraging cutting-edge technology, we’re empowering the businesses we work with to focus on what matters most: their growth,” Mark Sugden, head of CitiDirect Commercial Banking & Digital Transformation, said in the release.

Citi said in a July earnings report that in the first half of the year, it retired or replaced 211 legacy applications, implemented an enterprise-wide strategic loan platform and scaled its generative AI developer tools.